Terry-Mitchell blog

Terry Mitchell

Tips for Changing Careers

Back in the days of our grandparents and even for many of our parents, a career was something you did from the time you got out of college until you retired. Very few people even thought about switching careers, but these days, it`s far more common. In fact, as various industries drop in popularity, more and more people are leaving what they may have considered to be solid jobs and are looking for new careers.
 
Starting a new career doesn`t have to be a bad thing. In fact, it can be exhilarating and interesting, as well as providing a better income. Why you are moving in a new direction will vary depending on your situation . . . some people make the change because they lose their job, others are bored and want something more interesting, and still others need to earn more money for one reason or another. Here are some tips to make the transition easier.

Have a strategy. Knowing which career field you want to enter is just the beginning, you`ll also need to know how to get there before you leave your old job behind. This means planning out how to break into your chosen path. You may need to take some courses, gain certifications or get some practical experience under your belt before you`re ready to start applying for jobs.

Network. It`s amazing what the power of networking can accomplish. You never know, the guy you talk to each morning at the bagel shop might have a sister-in-law at a firm you want to work for. Never underestimate talking to people and making connections, both online and off, it could come in very handy.
Rewrite your resume. The one you have might have been perfect for the career you are currently in, but you`ll need to make sure that you update it for the new one. This might mean putting in some jobs you left off before, removing others that are no longer relevant or it might mean that you need to redo the entire thing.

Stay flexible. When you switch industries, you can`t expect to keep your status. Chances are you`ll be working your way up from the bottom again and being flexible about salary, location and other factors will help you do just that. You`re far more likely to get the position if you leave your preconceptions behind and go with the flow.

Get some experience. If you`re making a drastic change, you will have far better luck getting a job if you already have some experience. This might mean volunteering, working weekends in your chosen industry or taking on a position as an intern to get a good start. This can go on your resume and will help future employers see that you are dedicated to the new career path.

Research your new area. There`s no point in leaving one job behind only to move to another that you detest just as much, so take the time to research your career options and figure out which one will work best for you. Don`t stick to just reading about it . . . talk to people who work in the industry to find out what they like and dislike about it.

Changing careers, no matter what age, can be done. It isn`t always easy, but if you are truly unhappy in your current work situation or have lost your job, then it`s a leap well worth making. Just be sure to research your new industry carefully and to select one that utilizes your skills and interests.

How to Select a Real Estate Agent

As you prepare to sell a home, one of the most important professionals you will work with is your real estate agent. Choosing the right one can mean the difference between a quick sale, and having a house that is sitting on the market waiting for months on end. You want someone who is knowledgeable, competitive, and professional, but finding that individual in the sea of available agents is not always easy.

Start with Referrals

The first step towards finding a real estate agent is getting some names. Talk to people you know who have recently used a real estate agent, and find out what their experiences were with the particular agent. Ask any friends, co-workers, and family members in your area if they have a real estate agent they recommend. Compile a list, and then check out the agents' websites to see if they have the expertise you are looking for. Use this to compile a short list of potential candidates.

Schedule a Market Analysis

Once you have a short list, schedule a market analysis with each agent on your list. A market analysis is a time when you meet with the agent in your home and learn what he or she thinks your home is worth. Even if you know what the home is worth, this gives you the chance to see how the agent works, what preparation is done, and how professional the agent will be. It also gives you the chance to chat with the agent and learn a little about his or her personality. This is a good time to ask some questions.

Ask Questions

Asking the right questions will not only give you an idea about the methods the real estate agent uses, but will also give you some insight into the present market. At the market analysis, the agent will show you similar properties in the area that have recently sold. The agent will use this information to tell you a particular selling price to use when you list your home. Ask questions about those properties. Find out what updates the agent thinks you should do to your home in order to make it sell quickly. Find out what competition is in the area. A good agent will be well prepared with this information before hand.

Once you have discussed the potential selling price, ask the agent what he or she will do to help your home quickly. Find out what marketing materials are commonly used, how the property will be promoted, and how actively involved in selling the property the realtor will be. Finally, be sure to ask about the commissions. Most agents will bring a net sheet, which is a sheet that shows you how much you will walk away with if you sell the home for a certain amount. This will show you the amount of closing costs you will pay, including the agent's commission. These are typically very competitive, but make sure you are not considering an agent that charges an extremely high commission.

Go With Your Gut

Once you have had a market analysis done by several agents, figure out which one you feel the most comfortable working with. You will find that there are a few agents that you simply do not get along with, mostly due to personality. You will spend a lot of time with your agent, so do not choose one whose personality grates on you. However, you want to balance personality with professionalism and rate of success. You also want an agent who is experienced, particularly when working in a competitive market. Choose a real estate agent that has successfully sold homes similar to yours in a similar market. This shows that the agent knows what marketing and staging is necessary to get your home sold!

Good Debt vs. Bad Debt

What is a Reverse Mortgage?

A reverse mortgage loan is a federally insured private loan that was created specifically to enable senior citizens (over the age of 62) to translate a portion of their home equity into cash. They therefore provide people with cash in advance against the value of their owned property. This can be very useful to senior citizens to supplement their income if they are struggling to meet their living expenses.

Reverse mortgages require no repayment until the homeowner decides to sell the home, not use it as their principle residence or they pass away. In any of these cases the homeowner or their estate must repay the balance of the reverse mortgage. In the case of the homeowner dying, the home will be sold or refinanced by the inheritors to pay off the mortgage and the remaining equity is given to the heir.

In order to qualify for a reverse mortgage, the individual must be 62 years and older and either own their own house or have a very low mortgage remaining on their home. Reverse mortgages were designed to help those people who have assets (their home) but do not have a sufficient or any income at all. This being said, individuals would not require any income in order to qualify for this type of loan. The amount of the loan depends on the individual's age and the equity they have in their home.

Generally the more equity they have and the older they are, the lower their interest rate will be and the more money they will be able to borrow. The money obtained from a reverse mortgage can be paid out in a single lump sum, a regular monthly cash advance, as a credit line account, or as a combination of these payment methods. 

The Benefits of Using a Reverse Mortgage

The monetary benefits of reverse mortgages are pretty clear-cut. The homeowners can benefit from additional retirement income while still being able to own their house and pay for all their necessary bills and expenses. They also do not have to deal with the hassles of an extra monthly payment and the risk of being forced to vacate their home if they don't meet their repayments.

The Disadvantages of a Reverse Mortgage
 
A major disadvantage of a reverse mortgage is that seniors could spend this money irresponsibly. These mortgages were not designed to help pay for extravagant home improvements or holidays but rather to supplement their income in order to support themselves. If the money is spent frivolously, individuals could very well end up dissolving their home's equity on nonessential things.

One must also be aware that the upfront costs of this loan are high and that it is only beneficial if the individual is certain that they will stay in their home for at least 5 years. If they do not stay in the home for that period of time the benefits they receive will be close to none.

• Previous Posts:

• Tips for Changing Careers
• How to Select a Real Estate Agent
• Good Debt vs. Bad Debt
• What is a Reverse Mortgage?
• Homeowners Insurance 101
• How to Select the Right Money Market Fund
• The Primary Factors that Influence Stock Share Prices
• How to Organize Your Monthly Bill-Paying

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• Working As a Game Tester - Getting Paid To Play Games
• The Myth Of The Dream Job
• New Careers in Truck Driving For the Unemployed

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